30 Mar IT’S REAL ESTATE EXPRESS AS FLORIDA’S BRIGHTLINE HITS THE TRACKS
March 30, 2018 – South Florida’s newest foray into high-speed transportation is connecting the dots one city at a time. In an effort to move commuters off the congested highways of I-95 and the Turnpike, the new Brightline is offering a comfortable high-speed train alternative to connect West Palm Beach to Miami. With stops along the way in Ft. Lauderdale, and a phase II expansion to Orlando already in the works, the MiamiCentral hub in downtown Miami will be adding a much needed facelift to the surrounding area, while attempting to fulfill transportation promises years in the making. This, along with developer Moishe Mana’s plans, will add an extra boost to the real estate and lifestyle surrounding downtown.
In addition to completely renovating Miami’s NW 1st Ave, the surrounding sidewalks and landscaping will also receive updating and restorations. Meanwhile, retail, restaurant, and residential developments surrounding the new station will hope to find themselves with an influx of tourists, residents, and newly employed Brightline workers. Beyond cutting the time spent in gridlock fighting with other cars, the construction of the private mixed-use real estate developments brought forward by Brightline’s new stations are estimated to bring in hundreds of millions of dollars in new revenue.
As long as you’re not one of the property owners in the way of eminent domain, Florida homeowners in cities with Brightline stops could see an inflated value on their currently owned real estate. As development along the rail line increases, it will hopefully add desirability for housing closer to the new railroad. High demand for proximity to jettisoned commuter routes make those properties more sought after.
All in all, it’s expected to see fluctuation in prices for stop-adjacent areas as well as new retail shops and restaurants as Brightline finds its footing. Just like the high-speed rail, expect to see developers rising to meet the demands of the newest influx of speedy commuters, travelers and investors looking to get in the action. All aboard???